Martifer set for four Jordan solar projects
Firm to break ground on 57MW worth of plants awarded in first renewable energy round.
Martifer Solar is set to break ground on four solar photovoltaic power plants in Jordan totalling 57MWp.
The projects were awarded with Power Purchase Agreements (PPAs) under Round 1 of Jordan’s National Renewable Energy Plan.
Three of the projects - Al Ward Al Joury, Al Zahrat Al Salam and Al Zanbaq - have an individual capacity of 11 MWp and are located near the city of Ma’an in south-central Jordan.
In addition, there is one project, Jordan Solar One, with a capacity of 24 MWp, to be constructed near the northern town of Mafraq.
Martifer Solar will provide the EPC (engineering, procurement and construction) and perform the subsequent O&M (operation and maintenance) for all four solar PV projects.
“We are proud to be a key member involved in this groundbreaking 57 MWp portfolio,” said Henrique Rodrigues, CEO of Martifer Solar. “Jordan currently imports 95% of its power needs, which costs approximately a fifth of the country’s GDP, and the development and construction of renewable energy projects such as these will be essential for its future.”
“Furthermore, this achievement is a testimonial to the continued expansion of Martifer Solar’s track record in Development, EPC and O&M for solar projects throughout emerging markets.”
All four projects are part of the IFC’s “Seven Sisters” financing package, which provided a total of $207mn in debt financing for seven projects awarded under Jordan’s Round 1.
The IFC acted as the lead arranger for the financing, together with a syndicate of other financers including Bahrain’s Arab Bank, the European Arab Bank, FMO, FinnFund and OPEC’s Fund for International Development.
The projects reached financial close at the end of May and are set to begin construction.
Eduardo Pereira, Director of Business Development in the Middle East for Martifer Solar, said, “We are delighted to see our construction team in place in Jordan as it is another milestone achievement following a long period of development.
Currently, Martifer Solar is considering and performing due diligence for other new EPC and O&M opportunities in this exciting market and the greater Middle East region.”
As recently announced, the World Bank Group has extended its support for Martifer’s four projects by providing investment guarantees, backed through the Multilateral Investment Guarantee Agency (MIGA).